Financial Literacy for Stay at Home Moms
"Every woman should have a feeling of control over her own destiny."
---Maya Angelou
Are you the CEO of your household? Do you make many of the financial decisions on how the household’s money is spent? Do you have the financial literacy to make these decisions? Do you work long hours? Do manage community involvement? Are you proactive in your children's education...or perhaps, a home-schooling teacher/mom? Well, if you answered yes to any or most these questions you need to read this article!
If you are not up to speed and tracking the possible financial outcomes of your situation, you may one day find yourself in a financially very difficult place.
Staying home to raise children and creating and managing an effective and pleasant household is a demanding, albeit admirable and personally rewarding job. Unfortunately the new rules that govern credit, effect credit scores, and impact your eventual Social Security earnings have been stacked against the CEO Mom.
Since Social security was created, women's roles as the executives of their households and educator of their children have been largely ignored. Apparently, if your efforts can't be quantified by the IRS than they must not be significant enough to be monetarily recognized or rewarded.
This factor and a woman's inability to earn equal wages in the marketplace, are two of the main reasons why poverty is a real issue for many elderly women. According to the Social Security Administration almost 20% of elderly women live at or below the poverty line...that is 1 out of every 5.
Recently, stay at home moms have also been dealt an additional blow when the Federal Reserve declared last year that credit could only be extended based on your actual earnings...not your household earnings. Therefore, a stay at home mom with no outside income has NO access to credit in her own name. This may not seem significant when you live in an equitable household and all is going well, but it can have devastating consequences for women if their spouse becomes ill, unemployed or abusive.
So what is the answer? Financial literacy. Women need to develop a personal economy of their own. Stay at home moms especially need to up their financial literacy and to understand not only how to spend money but how to save money and how to make money from home!
Gaining financial literacy and building a personal economy should be considered more than a dream; it should be considered a necessity. We never know where the road is leading, or what opportunities or trials are awaiting us. Being grounded financially and having a higher level of financial literacy around personal finances is as one of your CEO Moms most important skills!
Many women have found blogging and product reviews to pay off handsomely. But, just throwing up a blog and starting to write is fruitless. A part of financial literacy is to know what are the best tools. The best blogging platform that I have found is with Level One Network. The Master Level Training teaches you how to use these exemplary products most effectively, and how to get Search Engine Optimization (SEO) that gets you to the top pages of Google searches. It walks you through affiliate marketing and a plethora of ways to write about your favorite products...and or drive traffic to your at home business or website. This is financial literacy you can take to the bank!
I invite you to work with me and gain financial literacy and financial freedom. I have helped many women just like yourself and know first hand what techniques and companies are worth the time and money necessary to start a home-based business. Don't let another day go by...up the financial literacy, build the dream and become the Best CEO mom ever!
Let's Build the Dream to Together!
Helen Gibson
HelenGibsonLifeCoaching@gamil.com
If you are not up to speed and tracking the possible financial outcomes of your situation, you may one day find yourself in a financially very difficult place.
Staying home to raise children and creating and managing an effective and pleasant household is a demanding, albeit admirable and personally rewarding job. Unfortunately the new rules that govern credit, effect credit scores, and impact your eventual Social Security earnings have been stacked against the CEO Mom.
Since Social security was created, women's roles as the executives of their households and educator of their children have been largely ignored. Apparently, if your efforts can't be quantified by the IRS than they must not be significant enough to be monetarily recognized or rewarded.
This factor and a woman's inability to earn equal wages in the marketplace, are two of the main reasons why poverty is a real issue for many elderly women. According to the Social Security Administration almost 20% of elderly women live at or below the poverty line...that is 1 out of every 5.
Recently, stay at home moms have also been dealt an additional blow when the Federal Reserve declared last year that credit could only be extended based on your actual earnings...not your household earnings. Therefore, a stay at home mom with no outside income has NO access to credit in her own name. This may not seem significant when you live in an equitable household and all is going well, but it can have devastating consequences for women if their spouse becomes ill, unemployed or abusive.
So what is the answer? Financial literacy. Women need to develop a personal economy of their own. Stay at home moms especially need to up their financial literacy and to understand not only how to spend money but how to save money and how to make money from home!
Financial Literacy 101
- How to Spend Money: How you spend money is the easiest to address. Don't spend money you don't have. Credit cards should be for emergencies, or to build credit. If you use credit cards, pay the balance off at the end of every month. If that is not possible, make it a priority to do so quickly. Before you decide to quit your job and stay home to raise your family, make sure you have a credit card solely in your name. Pay the balance off and use it occasionally, then pay the balance off immediately. This will help you maintain a line of credit and a good personal credit score.
- How to save money: Every woman should have a 3-6 month contingency fund. Let me say that again, every woman, and for that matter every household, should have stashed away enough money, to pay the bills for 3-6 months. Make this your number one priority. Sit down and figure out how much money that is and divide the number by 12. By saving that much money every month in an easily accessible and penalty free place, at the end of the year, you will have achieved this goal. If that means personal austerity or not going on vacation or buying anything that is not necessary, than so be it. Make this a priority. If you can't do it in one year divide by 24 and do it in two years...but, Do It!
- How to Start a Home-based Business: This is the fun part! Make a list of what you would do professionally if you could do anything. What is your dream job? Now of course, this has to be realistic and within your skill set. What are your hobbies? Would you like to turn your hobby into a business? Do you enjoy writing? Or gardening? Or physical fitness? It really doesn't matter what the subject is, I can show you ways to make money at it. Hiring a personal Life and Business Coach is a smart way to spend money, up your financial literacy and gain financial freedom for yourself and your family...now and well into the future. By maximizing your interests and capitalizing on your desire and need to stay at home, you can develop a business with very little investment capital, no inventory, no overhead, and no employees.
Gaining financial literacy and building a personal economy should be considered more than a dream; it should be considered a necessity. We never know where the road is leading, or what opportunities or trials are awaiting us. Being grounded financially and having a higher level of financial literacy around personal finances is as one of your CEO Moms most important skills!
Many women have found blogging and product reviews to pay off handsomely. But, just throwing up a blog and starting to write is fruitless. A part of financial literacy is to know what are the best tools. The best blogging platform that I have found is with Level One Network. The Master Level Training teaches you how to use these exemplary products most effectively, and how to get Search Engine Optimization (SEO) that gets you to the top pages of Google searches. It walks you through affiliate marketing and a plethora of ways to write about your favorite products...and or drive traffic to your at home business or website. This is financial literacy you can take to the bank!
Let's Build the Dream to Together!
Helen Gibson
HelenGibsonLifeCoaching@gamil.com
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